Uganda calls for private sector-led green investment amidst declining climate finance
Officiating at the forum, State Minister for Planning, Amos Lugoloobi, emphasized the critical role of private capital in building bankable climate projects and forging new alliances to drive sustainable growth.
Uganda has intensified its drive to mobilize private sector investment for climate action, with the inaugural National Private Sector Engagement Forum on Climate Change today urging stakeholders to collectively unlock green finance opportunities.
Officiating at the forum, State Minister for Planning, Amos Lugoloobi, emphasized the critical role of private capital in building bankable climate projects and forging new alliances to drive sustainable growth.
Minister Lugoloobi highlighted Uganda’s commitment as a signatory to the Paris Agreement, where developing countries initially pledged to mobilize USD 100 billion annually for climate action. This target, he noted, has since been revised under the New Collective Quantified Goal (NCQG) to USD 300 billion by 2035.
Acknowledging global financial shifts, Lugoloobi stated, “We are all aware of the global reductions in official development assistance and the resulting decline in climate finance flows.” However, he framed these challenges as opportunities to strengthen Uganda’s resilience and foster innovation. The Minister reiterated the government’s commitment to creating an enabling environment for private sector investment through regulatory certainty, incentives, and strategic partnerships.
Adding to the discourse, the Permanent Secretary to the Treasury (PSST), Ramathan Ggoobi, in remarks delivered by the Director Public Private Partnerships (PPPs), Jim Mugunga, underscored that mobilizing effective and scalable climate finance has become a cornerstone of Uganda’s national strategy for sustainable development.
Mugunga stated that this inaugural forum, held under the pertinent theme “Advancing Private Sector Leadership in Climate Finance Mobilisation,” marks a pivotal first step towards developing a structured National Private Sector Engagement Framework. He further emphasized Uganda’s strong recognition of the private sector as a vital engine for unlocking investment, driving innovation, and accelerating the nation’s transition to a low-carbon, climate-resilient economy.
